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Tekion Corp

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Tekion Corp
Company typePrivate
IndustrySaaS, Automotive Retail
Founded2016
FounderJay Vijayan
HeadquartersPleasanton, California,
USA
Area served
North America, Europe, India
Key people
Guru Sankararaman (Co-Founder & COO)
RevenueIncrease US$100 million (2023)
Number of employees
2,500+
Websitetekion.com

Tekion Corp is a cloud technology company headquartered in Pleasanton, California.[1][2] It operates in the automotive retail industry, with its Asia-Pacific headquarters located in Bengaluru and a regional center in Chennai.[3] The company also has operations in the UK, Canada, Germany, and France.[4] The company was founded by former Tesla, Inc. executive Jay Vijayan.[5][6]

History

[edit]

Prior to founding Tekion, Jay served as the chief information officer (CIO) at Tesla Inc., where he reported directly to Elon Musk, Tesla's CEO.[7] As CIO, Jay and his team managed Tesla's digital and information systems.[1]

In 2016, he left Tesla to start Tekion, of which he serves as CEO.[8] The company received its initial funding from such investors as Index Ventures, Storm Ventures, Airbus Ventures, BMWi Ventures, Renault-Nissan-Mitsubishi Alliance Ventures, and General Motors.[5]

In October 2020, the company became a unicorn after it raised US$150 million in a Series C financing round.[9] This round was led by Advent International, Exor (holding company of Ferrari and the parent company of Stellantis, which owns Citroën, Fiat, Jeep, Maserati, Ram Trucks, Peugeot, Vauxhall), Airbus Ventures, FM Capital, and existing investors.[10]

In October 2021, the company secured $250 million in its Series D funding round, with a valuation reaching $3.5 billion.[11] This funding was led by Alkeon Capital, Durable Capital, and Hyundai Motor Company.[12]

In July 2023, the company acquired vehicle registration technology company Five64.[13]

The company's valuation was reported to exceed $4 billion following a $200 million investment from Dragoneer Investment Group, based in San Francisco, in July 2024. Since its founding, the company has raised a total of $640 million.[14]

Products

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In February 2020, the company launched its Automotive Retail Cloud (ARC) software, which helps connect automotive retail operations through a unified cloud platform.[15] The platform later incorporated 52 brands, including General Motors, Ford, Jeep, Honda, Hyundai, and Toyota.[16] In 2022, the company added a CRM application to the ARC platform.[17] In January 2024, Tekion entered into an agreement with Asbury Automotive Group, a publicly listed car dealership based in the US.[18][19] The company also developed a digital tool for Acura[20] and a digital retail tool for electric vehicles for General Motors, which operate on the Automotive Enterprise Cloud (AEC) platform.[21]

CSR activities

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Tekion partnered with HandsOnCSR for the restoration of Muneshwara pond in Hosahalli village, which included de-silting, strengthening the bunds, reconditioning the inlets and outlets, and planting aquatic plants.[22]

In collaboration with Praana Animal Foundation, Tekion launched a 24/7 animal rescue and ambulance service for feral cats and community dogs in the Brookfield and Whitefield areas of Bengaluru.[23] Tekion and Praana Animal Foundation also adopted a Royal Bengal Tiger named Sinchana at the Bannerghatta Biological Park.[24] Sinchana, a 28-month-old female cub with neurological weakness, is being cared for at the park's rescue center. The adoption covers her daily food needs, maintenance, and veterinary health care expenses.[25]

References

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  1. ^ a b Balachandran, Manu. "How Jay Vijayan—a Politician's Son, Geology Grad And Former Tesla Techie—built The World's Newest Unicorn". Forbes India.
  2. ^ Sil, Debarghya (2023-08-02). "Exclusive: Ex Tesla Exec's Tekion Lays Off 10% Workforce, 200 Indian Employees Impacted". Inc42 Media. Retrieved 2024-01-25.
  3. ^ Anand, N. (2022-04-19). "Tekion expands global footprint, sets up technical centre in Chennai". The Hindu. ISSN 0971-751X. Retrieved 2024-01-25.
  4. ^ "Former Tesla CIO founded Tekion to hire 400 people in India". The Hindu. 2022-08-01. ISSN 0971-751X. Retrieved 2024-01-25.
  5. ^ a b Rogers, Bruce. "Ex Tesla CIO Jay Vijayan Builds Tekion To Improve Car Buying Experience". Forbes. Retrieved 2024-01-25.
  6. ^ Loizos, Connie (2021-10-05). "Tekion, the automotive retail platform headed by a former Tesla CIO, just tripled in value". TechCrunch.
  7. ^ King, Rachael (April 4, 2016). "Tesla Motors CIO Leaves to Launch Stealth Startup". The Wall Street Journal.
  8. ^ "We are Salesforce but 20 years in the future: Tekion CEO Jay Vijayan". Moneycontrol. 2020-10-27. Retrieved 2024-01-25.
  9. ^ Mathur, Nandita (2020-10-21). "Tekion joins the unicorn club". mint.
  10. ^ Giles, Martin. "Former Tesla CIO's Software Startup Tekion Valued At Over $1 Billion In New Fundraise". Forbes.
  11. ^ "Which automaker announced IPO plans? How much is Tekion actually worth?". CBT News. 2021-10-08. Retrieved 2024-01-25.
  12. ^ Tan, Gillian (October 5, 2021). "Tekion Valued at $3.5 Billion as Durable, Alkeon, Hyundai Invest". www.bloomberg.com.
  13. ^ HOLLMER, MARK (July 27, 2023). "Tekion buys vehicle registration technology company Five64". Automotive News.
  14. ^ "Tekion Corp raises $200 million in funding at valuation of over $4 billion". The Economic Times. 2024-07-16. ISSN 0013-0389.
  15. ^ "Tekion launches Automotive Retail Cloud to disrupt automotive industry". Dataquest. 2020-02-13.
  16. ^ "Will be profitable by 2025, a higher priority than IPO: Tekion CEO Jay Vijayan". Moneycontrol. September 20, 2024.
  17. ^ VANHULLE, LINDSAY (April 11, 2022). "Tekion rolls out CRM and digital retail capabilities". Automotive News.
  18. ^ "Tekion Tapped by Asbury Automotive Group". www.autodealertodaymagazine.com. Retrieved 2024-11-30.
  19. ^ "Asbury 4-store Tekion DMS pilot could precede companywide switch by 2026". www.autonews.com. Retrieved 2024-11-30.
  20. ^ Johnson, Peter (September 23, 2024). "Can Acura's new sales tool help it compete in the US EV market?". electrek.
  21. ^ Lutz, Hannah (March 4, 2021). "GM to launch EV digital retail tool powered by Tekion". www.autonews.com. Retrieved 2024-11-30.
  22. ^ "Tech firm joins hands to rejuvenate degraded lake on Sarjapur Road". The Times of India. 2024-03-22. ISSN 0971-8257. Retrieved 2024-11-30.
  23. ^ "24/7 animal rescue ambulance service launched in Brookefield and Whitefield". The Hindu. 2024-02-23. ISSN 0971-751X. Retrieved 2024-11-30.
  24. ^ "Tech company adopts tiger cub at Bannerghatta Biological Park". Deccan Herald. Retrieved 2024-11-30.
  25. ^ "Tekion and Praana adopt tiger at Bannerghatta Biological Park". The Hindu. 2024-09-01. ISSN 0971-751X. Retrieved 2024-11-30.
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